Local Foreclosure Filings Drop Dramatically

BOCA RATON, FL (BocaNewsNow.com) — The number of new foreclosure cases filed in Palm Beach County during February is nearly half of the cases filed the same time a year ago, according to the latest statistics from the Clerk & Comptroller, Palm Beach County.

 

There were 518 new foreclosures filed in February, a 49.3 percent decrease from 1,022 cases filed in February 2013. The number of new cases is also 8.8 percent less than the 568 cases filed in January.

 

“This is a remarkable change from the last few years,” said Clerk Sharon Bock. “For eight consecutive months, our foreclosure case numbers have remained steady at levels we saw prior to the collapse of the real estate market.”

Mortgages/Deeds Recorded

 

Palm Beach County also saw fewer deeds and mortgages recorded in February. There were 4,984 deeds recorded in February, a 7 percent decrease from 5,358 deeds recorded in January and a 16.4 percent decrease from 5,963 deeds recorded in February 2013.

 

There were 2,098 mortgages recorded in February, a 19.1 percent decrease from 2,593 mortgages recorded in January, and a 51.6 percent decrease from 4,334 mortgages recorded in February 2013.

 

The Clerk’s office is the keeper of Palm Beach County’s official records, and records all deeds and mortgages submitted for recording in Palm Beach County.

 

Foreclosure Sales Results

 

There were 744 properties sold at foreclosure auction in February, according to statistics from Grant Street Group, the facilitator of ClerkAuction®. Of those, 587 were sold back to the plaintiff – typically a bank or mortgage company – in the foreclosure proceeding, and 157 were sold to a third party.

 

There were 507 sales canceled in February, out of 1,251 scheduled for sale. The cancellation rate was 40.5 percent, compared with 36.4 percent in January.

 

The Clerk & Comptroller’s office processes all foreclosure-related court documents, notices of action and motions. After a foreclosure judgment, the office conducts the foreclosure auction and issues all post-sale documents, such as the certificate of title. Information about foreclosures, updates about when certificates of title will be issued and links to auctions of Palm Beach County’s foreclosed properties is available at www.mypalmbeachclerk.com.

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